District Court, S.D. New York January 5, 2009, 05 Civ. 9016 (SAS) (Pension Committee of the University of Montreal Pension Plan v. Banc of America Securities, LLC)

OPINION AND ORDER

SHIRA A. SCHEINDLIN, District Judge:

I. INTRODUCTION

A group of investors brings this action to recover losses stemming from the liquidation of two British Virgin Islands (“BVI”) based hedge funds in which they held shares: Lancer Offshore, Inc. (“Lancer Offshore”) and OmniFund Ltd. (“Omni-Fund” and together with Lancer Offshore, the “Lancer Funds” or the “Funds”).